2nd Quarter 2022 (unaudited)
Total revenue in 2st quarter in 2022 increased by 97.6% amounting to EUR 62.4 million. 93.1% of the increase was related to balancing energy revenues, which increased by EUR 28.2 million.
Compared to the 2nd quarter in 2021, the transmission volumes in electricity decreased by 4.9% and gas transmission volumes decreased by 16.9%. As the new tariffs for electricity transmission became effective starting from 1st April 2022, the electricity transmission revenues in 2nd quarter increased by 11.4% or EUR 1.5 million, whilst the decrease in gas transmission revenues decreased by 16.9% or EUR 0.5 million. Revenues not related to energy markets increased by 10.1% or EUR 2.1 million in total.
As Elering is the biggest electricity buyer in Estonia, then high electricity prices have an adverse effect on Elering expenses. Higher electricity price in 2022 affected adversely the network losses by EUR 10.2 million. As a result of the higher investments, the depreciation costs increased by EUR 0.4 million in the 2 nd quarter in 2022. In total the operating costs were up by 114.3% amounting to EUR 76.4 million. 69.1% of the increase was related to increase in balancing energy expenses.
The financial expenses remained stable at EUR 0.5 million.
In total the net loss in the 2st quarter was EUR 14.5 million.
The cash flows from operating activities was positive of EUR 13.8 million, EUR 35.2 million was invested into the non-current assets, EUR 34.8 million congestion income was received. The company repaid its loans for EUR 2.6 million.
The total assets of the Company exceeded EUR 1.2 billion. Total liabilities stood at EUR 902.1 million and owner’s equity EUR 371.9 million.
In EUR thousands
30.06.22 | 30.06.21 | 31.12.21 | |
Assets |
|||
Current assets | |||
Cash and cash equivalents | 103,072 | 74,728 | 62,668 |
Short-term financial investments | 67,000 | 10,000 | 42,000 |
Accounts receivables and other receivables | 46,483 | 28,081 | 59,683 |
Inventories | 17,879 | 3,378 | 3,658 |
Total current assets | 234,434 | 116,187 | 168,009 |
Investments into affiliated company | 45 | 0 | 0 |
Fixed and intangible assets | 1,039,559 | 991,477 | 1,014,845 |
Total non-current assets | 1,039,604 | 991,477 | 1,014,845 |
TOTAL ASSETS | 1,274,038 | 1,107,664 | 1,182,854 |
Liabilities |
|||
Current liabilities | |||
Borrowings | 10,558 | 10,636 | 12,010 |
Trade and other payables | 67,085 | 53,908 | 57,135 |
Total current liabilities | 77,643 | 64,544 | 69,145 |
Non-current liabilities | |||
Borrowings | 306,907 | 317,304 | 312,095 |
Other non-current liabilities | 517,587 | 349,256 | 419,526 |
Total non-current liabilities | 824,494 | 666,560 | 731,621 |
TOTAL LIABILITIES | 902,137 | 731,104 | 800,766 |
Equity |
|||
Share capital | 229,890 | 229,890 | 229,890 |
Statutory reserve | 17,850 | 17,595 | 17,595 |
Retained earnings | 124,161 | 129,075 | 134,603 |
TOTAL OWNER’S EQUITY | 371,901 | 376,560 | 382,088 |
TOTAL LIABILITIES AND OWNER’S EQUITY | 1,274,038 | 1,107,664 | 1,182,854 |
In EUR thousands
2nd Quarter | 1st half-year | Year | |||
2022 | 2021 | 2022 | 2021 | 2021 | |
Net sales | 60,512 | 30,237 | 135,362 | 82,816 | 201,457 |
Other income | 1,864 | 1,810 | 3,714 | 2,939 | 6,672 |
Goods, raw materials and services | 59,015 | 19,699 | 114,092 | 39,676 | 135,210 |
Other miscellaneous operating expenses | 2,264 | 1,665 | 3,637 | 3,119 | 7,144 |
Staff costs | 3,246 | 2,879 | 6,645 | 5,764 | 11,222 |
Depreciation and amortisation | 11,821 | 11,381 | 23,773 | 22,067 | 45,531 |
Other operating expenses | 8 | 4 | 19 | 24 | 69 |
OPERATING PROFIT | -13,978 | -3,581 | -9,090 | 15,105 | 9,022 |
Financial income | 49 | 1 | 50 | 12 | 2,302 |
Financial expenses | 578 | 569 | 1,148 | 1,125 | 2,302 |
PROFIT BEFORE TAX | -14,507 | -4,149 | -10,188 | 13,992 | 6,736 |
Income tax | 0 | 0 | 0 | 0 | 1,628 |
NET PROFIT | -14,507 | -4,149 | -10,188 | 13,992 | 5,108 |
In EUR thousands
2nd Quarter | 1st half-year | Year | |||
2022 | 2021 | 2022 | 2021 | 2021 | |
Cash flows from operating activities |
|||||
Profit/loss before income tax | -14,506 | -4,149 | -10,187 | 13,992 | 6,736 |
Adjustments for | |||||
Depreciation, amortisation and impairment | 11,821 | 11,381 | 23,773 | 22,067 | 45,531 |
Change in current assets involved in operating activities | 6,134 | 12,061 | 9,263 | 12,753 | -20,599 |
Change in liabilities involved in operating activities | 9,366 | -5,328 | 7,837 | 1,758 | 24,272 |
Paid interest | -2,157 | -1,979 | -2,164 | -2,000 | -2,016 |
Income tax on dividends | 0 | 0 | -1,628 | 0 | 0 |
Other adjustments | 3,106 | -1,177 | 3,723 | -1,684 | -2,860 |
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES | 13,764 | 10,809 | 30,617 | 46,886 | 51,064 |
Cash flows from/used in investment activities |
|||||
Acquisition of property, plant and equipment and intangible assets | -35,235 | -21,724 | -52,084 | -31,936 | -75,497 |
Foreign grants for acquisition of non-current assets | 13,582 | 11,935 | 13,582 | 11,935 | 31,827 |
Net change in deposits at banks with maturity of more than 3 months | -10,000 | 0 | -25,000 | -10,000 | -42,000 |
Proceeds from congestion income | 34,774 | 7,573 | 78,601 | 11,384 | 65,582 |
Proceeds from sales of financial investment | 0 | 0 | 0 | 912 | 912 |
Investments into affiliated company | -45 | 0 | -45 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 20 | 144 | 27 | 216 | 773 |
CASH FLOWS USED IN INVESTMENT ACTIVITIES | 3,096 | -2,072 | 15,081 | -17,489 | -18,403 |
Cash flows from financing activities |
|||||
Repayment of bank loans | -2,642 | -2,642 | -5,279 | -5,279 | -10,558 |
Repayable finance lease liabilities | -13 | -2 | -15 | -9 | -54 |
Paid dividends | 0 | 0 | 0 | 0 | -10,000 |
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES | -2,655 | -2,644 | -5,294 | -5,288 | -20,612 |
Change in cash and cash equivalents | 14,205 | 6,093 | 40,404 | 24,109 | 12,049 |
Cash and cash equivalents at the beginning of the quarter | 88,867 | 68,635 | 62,668 | 50,619 | 50,619 |
Cash and cash equivalents at the end of the quarter | 103,072 | 74,728 | 103,072 | 74,728 | 62,668 |
In EUR thousands
30.06.22 | 30.06.21 | 31.12.21 | |
Assets |
|||
Current assets | |||
Cash and cash equivalents | 103,072 | 74,728 | 62,668 |
Short-term financial investments | 67,000 | 10,000 | 42,000 |
Accounts receivables and other receivables | 46,483 | 28,081 | 59,683 |
Inventories | 17,879 | 3,378 | 3,658 |
Total current assets | 234,434 | 116,187 | 168,009 |
Investments into affiliated company | 45 | 0 | 0 |
Fixed and intangible assets | 1,039,559 | 991,477 | 1,014,845 |
Total non-current assets | 1,039,604 | 991,477 | 1,014,845 |
TOTAL ASSETS | 1,274,038 | 1,107,664 | 1,182,854 |
Liabilities |
|||
Current liabilities | |||
Borrowings | 10,558 | 10,636 | 12,010 |
Trade and other payables | 67,085 | 53,908 | 57,135 |
Total current liabilities | 77,643 | 64,544 | 69,145 |
Non-current liabilities | |||
Borrowings | 306,907 | 317,304 | 312,095 |
Other non-current liabilities | 517,587 | 349,256 | 419,526 |
Total non-current liabilities | 824,494 | 666,560 | 731,621 |
TOTAL LIABILITIES | 902,137 | 731,104 | 800,766 |
Equity |
|||
Share capital | 229,890 | 229,890 | 229,890 |
Statutory reserve | 17,850 | 17,595 | 17,595 |
Retained earnings | 124,161 | 129,075 | 134,603 |
TOTAL OWNER’S EQUITY | 371,901 | 376,560 | 382,088 |
TOTAL LIABILITIES AND OWNER’S EQUITY | 1,274,038 | 1,107,664 | 1,182,854 |
In EUR thousands
2nd Quarter | 1st half-year | Year | |||
2022 | 2021 | 2022 | 2021 | 2021 | |
Net sales | 60,512 | 30,237 | 135,362 | 82,816 | 201,457 |
Other income | 1,864 | 1,810 | 3,714 | 2,939 | 6,672 |
Goods, raw materials and services | 59,015 | 19,699 | 114,092 | 39,676 | 135,210 |
Other miscellaneous operating expenses | 2,264 | 1,665 | 3,637 | 3,119 | 7,144 |
Staff costs | 3,246 | 2,879 | 6,645 | 5,764 | 11,222 |
Depreciation and amortisation | 11,821 | 11,381 | 23,773 | 22,067 | 45,531 |
Other operating expenses | 8 | 4 | 19 | 24 | 69 |
OPERATING PROFIT | -13,978 | -3,581 | -9,090 | 15,105 | 9,022 |
Financial income | 49 | 1 | 50 | 12 | 2,302 |
Financial expenses | 578 | 569 | 1,148 | 1,125 | 2,302 |
PROFIT BEFORE TAX | -14,507 | -4,149 | -10,188 | 13,992 | 6,736 |
Income tax | 0 | 0 | 0 | 0 | 1,628 |
NET PROFIT | -14,507 | -4,149 | -10,188 | 13,992 | 5,108 |
In EUR thousands
2nd Quarter | 1st half-year | Year | |||
2022 | 2021 | 2022 | 2021 | 2021 | |
Cash flows from operating activities |
|||||
Profit/loss before income tax | -14,506 | -4,149 | -10,187 | 13,992 | 6,736 |
Adjustments for | |||||
Depreciation, amortisation and impairment | 11,821 | 11,381 | 23,773 | 22,067 | 45,531 |
Change in current assets involved in operating activities | 6,134 | 12,061 | 9,263 | 12,753 | -20,599 |
Change in liabilities involved in operating activities | 9,366 | -5,328 | 7,837 | 1,758 | 24,272 |
Paid interest | -2,157 | -1,979 | -2,164 | -2,000 | -2,016 |
Income tax on dividends | 0 | 0 | -1,628 | 0 | 0 |
Other adjustments | 3,106 | -1,177 | 3,723 | -1,684 | -2,860 |
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES | 13,764 | 10,809 | 30,617 | 46,886 | 51,064 |
Cash flows from/used in investment activities |
|||||
Acquisition of property, plant and equipment and intangible assets | -35,235 | -21,724 | -52,084 | -31,936 | -75,497 |
Foreign grants for acquisition of non-current assets | 13,582 | 11,935 | 13,582 | 11,935 | 31,827 |
Net change in deposits at banks with maturity of more than 3 months | -10,000 | 0 | -25,000 | -10,000 | -42,000 |
Proceeds from congestion income | 34,774 | 7,573 | 78,601 | 11,384 | 65,582 |
Proceeds from sales of financial investment | 0 | 0 | 0 | 912 | 912 |
Investments into affiliated company | -45 | 0 | -45 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 20 | 144 | 27 | 216 | 773 |
CASH FLOWS USED IN INVESTMENT ACTIVITIES | 3,096 | -2,072 | 15,081 | -17,489 | -18,403 |
Cash flows from financing activities |
|||||
Repayment of bank loans | -2,642 | -2,642 | -5,279 | -5,279 | -10,558 |
Repayable finance lease liabilities | -13 | -2 | -15 | -9 | -54 |
Paid dividends | 0 | 0 | 0 | 0 | -10,000 |
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES | -2,655 | -2,644 | -5,294 | -5,288 | -20,612 |
Change in cash and cash equivalents | 14,205 | 6,093 | 40,404 | 24,109 | 12,049 |
Cash and cash equivalents at the beginning of the quarter | 88,867 | 68,635 | 62,668 | 50,619 | 50,619 |
Cash and cash equivalents at the end of the quarter | 103,072 | 74,728 | 103,072 | 74,728 | 62,668 |